What is Pi Network and what does it aim to do? Let’s Talk!

Pi Network is trending everywhere! But why? Is it special? Well, who knows? It might be. Or it might be another crypto facade scam launching with big noise!

Let’s have a look at what Internet is talking saying Pi Network.

Pi Network is a digital currency that lets people mine coins using their phones. It was created by Dr. Nicolas Kokkalis and Dr. Chengdiao Fan on March 14, 2019. Their goal was to make cryptocurrency easy for everyone to use. As per various news outlets, over 35 million people are using Pi Network worldwide right now!

USA Fintechzoom’s takeaway: Apparantely, Pi Network wants to make crypto mining simple for everyone.

How does Pi Network work?

Pi Network lets people mine coins on their phones without draining their battery.

It uses a system called “security circles” to verify transactions and prevent fraud. To transfer mined coins to the main blockchain, users must verify their identity through a process called KYC.

Pi follows a rule of one account per person and reduces mining rewards over time to keep the coin valuable.

USA Fintechzoom’s takeaway: Pi Network uses phone-friendly mining, security circles, and KYC for a fair system.

What features does Pi Network offer?

Pi Network is more than just a cryptocurrency. It includes tools for users and developers:

• Pi Browser: A web 3.0 browser for apps and utilities.
• Pi Wallet: A digital wallet to store Pi coins securely.
• More Features: Developer programs and reward programs are planned.

USA Fintechzoom’s takeaway: Pi Network is growing with tools like wallets and apps for developers.

This is their mobile app, in case you want to check! Please note that this is neither a sponsored ad nor a recommendation. So, feel free to check if you want but we are not suggesting anything here!

What are the different phases of Pi Network?

Pi Network is being developed in steps:

• Beta Phase (2019-2021): Users mined Pi, but could not trade it.
• Testnet Phase (2021-2023): Developers tested the blockchain.
• Mainnet Phase (2023-February 20, 2025): Users can transfer mined Pi to the blockchain but cannot trade yet.

The open mainnet launch is set for February 20, 2025. After that, Pi will allow transfers to external wallets and increase decentralization by letting more people run nodes.

USA Fintechzoom’s takeaway: Pi Network is moving toward full decentralization and open transactions.

What will happen after the mainnet launch?

Once the mainnet is fully open, Pi Network could experience major growth:

• Exchange Listings: Pi might be listed on Binance and other exchanges.
• More Investors: More people may invest in Pi.
• Market Visibility: Pi will be tracked on platforms like CoinMarketCap.
• Increased Trading: More activity in the crypto market.

USA Fintechzoom’s takeaway: The mainnet launch could lead to more trading, investor interest, and wider adoption.

How can Pi Network be used in daily life?

Pi Network aims to be used for real purchases and transactions.

• Real-World Payments: Users may be able to spend Pi for goods and services.
• Trading Interest: Some cryptocurrencies, like Potcoin and Moneta Digital, might influence Pi’s usage.
• Future Plans: More partnerships and use cases could emerge.

USA Fintechzoom’s takeaway: Pi Network hopes to become a real-world currency used for daily purchases.

Pi Network has grown fast, but challenges remain. Some critics compare it to a pyramid scheme, raising trust concerns. Stricter crypto regulations could also impact its future. Security is another key issue—Pi must follow anti-money laundering (AML) laws and protect user accounts.

While Pi Network shows potential, users should stay cautious and informed about its risks before investing time or money.